Why Convert from MT5 to TradingView?
MetaTrader 5 has been the dominant retail trading platform for years, but many traders are migrating to TradingView for:
- Better charting: TradingView's charts are cleaner and more customizable
- Cloud-based: Access from any device without software installation
- Larger community: 150,000+ public scripts and active forums
- Webhook automation: Easy integration with execution platforms
- Multi-broker: Connect to various brokers without platform switching
If you have profitable MQL5 strategies, you don't need to abandon them—you can convert them to Pine Script.
MQL5 vs Pine Script: Key Differences
Before converting, understand the fundamental differences:
| Aspect | MQL5 | Pine Script |
|---|---|---|
| Language Type | C++ based | Proprietary (simpler) |
| Execution | Runs locally | Runs on TradingView servers |
| Direct Trading | Yes (via MT5) | No (needs webhook) |
| Complexity | Full programming language | Domain-specific, limited |
| OOP Support | Full classes/objects | Limited |
| File Access | Yes | No |
| External Libraries | Yes | No |
What Converts Easily
- Simple indicators (MA, RSI, MACD combinations)
- Basic entry/exit logic
- Standard order types
- Common risk management rules
What's Challenging
- Complex EAs with multiple order management
- Machine learning integrations
- Custom DLLs or external libraries
- Tick-by-tick strategies
- Grid trading systems
Conversion Methods
1. Manual Conversion
Best for: Simple strategies you want to understand deeply
Process:
- Document MQL5 strategy logic in plain English
- Identify equivalent Pine Script functions
- Rewrite code section by section
- Test and validate against original
Pros: Full understanding, optimal code Cons: Time-consuming, requires both language knowledge
2. AI-Assisted Conversion
Best for: Medium complexity strategies, faster turnaround
Process:
- Feed MQL5 code to AI (RoboQuant, ChatGPT)
- Request Pine Script equivalent
- Review and fix any errors
- Validate logic matches original
Example prompt:
"Convert this MQL5 indicator to Pine Script v6. Preserve all logic exactly. Use TradingView's built-in functions where equivalent exists."
Pros: Fast, handles boilerplate Cons: May miss nuances, needs verification
3. Professional Conversion Services
Best for: Complex EAs, critical trading systems
Services:
- MT4Programming.com - Real developers, logic validation
- Nordman Algorithms - Experienced MT4/5 and TradingView team
- MQL5 Freelancers - Budget $30-150 depending on complexity
Pros: Expert handling, quality assurance Cons: Cost, turnaround time
4. Automated Converters
Best for: Quick conversions, simple scripts
Tool: StrategyConverter.com
- Bidirectional Pine ↔ MQL conversion
- AI-powered
- Fixes compilation errors
- Free trial available
Pros: Instant results Cons: May not handle complex logic perfectly
Step-by-Step Conversion Process
Step 1: Document Your MQL5 Strategy
Before any conversion, write out:
Strategy: [Name]
Entry Long: [Conditions]
Entry Short: [Conditions]
Exit Long: [Conditions]
Exit Short: [Conditions]
Stop Loss: [Logic]
Take Profit: [Logic]
Position Sizing: [Rules]
Filters: [Any additional conditions]
Step 2: Map MQL5 Functions to Pine Script
Common equivalents:
| MQL5 | Pine Script |
|---|---|
iMA() | ta.sma() or ta.ema() |
iRSI() | ta.rsi() |
iMACD() | ta.macd() |
iBands() | ta.bb() |
iATR() | ta.atr() |
iStochastic() | ta.stoch() |
OrderSend() | strategy.entry() |
OrderClose() | strategy.close() |
OrderModify() | strategy.exit() |
AccountBalance() | strategy.equity |
PositionGetDouble() | strategy.position_size |
Step 3: Convert Indicator Logic
MQL5 Example:
double ma_fast = iMA(_Symbol, PERIOD_CURRENT, 9, 0, MODE_EMA, PRICE_CLOSE);
double ma_slow = iMA(_Symbol, PERIOD_CURRENT, 21, 0, MODE_EMA, PRICE_CLOSE);
bool crossover = ma_fast > ma_slow && prev_ma_fast <= prev_ma_slow;
Pine Script Equivalent:
ma_fast = ta.ema(close, 9)
ma_slow = ta.ema(close, 21)
crossover = ta.crossover(ma_fast, ma_slow)
Step 4: Convert Strategy Logic
MQL5 Example:
if(crossover && RSI < 70) {
double lots = AccountBalance() * 0.01 / stopLoss;
OrderSend(_Symbol, OP_BUY, lots, Ask, 3, Ask - stopLoss, Ask + takeProfit);
}
Pine Script Equivalent:
if crossover and rsi < 70
strategy.entry("Long", strategy.long)
strategy.exit("Exit", "Long", stop=close - stopLoss, limit=close + takeProfit)
Step 5: Handle Differences
Position sizing in Pine Script is simpler:
strategy("My Strategy", default_qty_type=strategy.percent_of_equity, default_qty_value=1)
Multiple orders work differently—Pine Script strategies typically manage one position at a time by default.
Step 6: Validate Conversion
- Visual comparison: Overlay indicators on same chart
- Signal matching: Compare entry/exit points historically
- Backtest comparison: Results should be similar (not identical due to execution differences)
- Paper trade: Run both in parallel on demo
Common Conversion Pitfalls
1. Array Indexing
MQL5 uses [0] for current bar, [1] for previous.
Pine Script uses close for current, close[1] for previous.
2. Order Management
MQL5 allows complex order modification. Pine Script is simpler—often need to restructure logic.
3. Time Functions
MQL5: TimeCurrent(), TimeHour()
Pine Script: time, hour
4. Decimal Precision
MQL5: Explicit NormalizeDouble()
Pine Script: Generally handles automatically
5. Tick Data
MQL5 can process every tick. Pine Script works on bar close by default.
Hybrid Approach: Keep Both
Sometimes full conversion isn't necessary. Consider:
Bridge Solutions
PineConnector: Execute Pine Script signals on MT5
- Keep indicator on TradingView
- Execute on MT5 via webhook
- Best of both worlds
Parallel Running
Run both versions:
- TradingView for charting and alerts
- MT5 for execution (if needed)
After Conversion: Connecting to Execution
Once your strategy is in Pine Script:
For Tradovate Execution
- Convert strategy to alerts
- Set up webhook URL (RoboQuant)
- Connect Tradovate account
- JSON message triggers orders
For MT5 Execution (via webhook)
Use a webhook-to-MT5 bridge:
- PineConnector
- Wunderbits
- Other MT5 webhook services
Cost Comparison: MT5 vs TradingView
| Expense | MT5 | TradingView |
|---|---|---|
| Platform | Free | $0-60/mo |
| VPS (for 24/7) | $10-50/mo | Not needed |
| Data feeds | Broker dependent | Included |
| Webhook execution | N/A | $30/mo (RoboQuant) |
For most traders, the total cost is similar, but TradingView offers better charts and easier automation.
Conclusion
Converting MT5 to TradingView is achievable for most strategies. Start with documentation, use AI assistance for the heavy lifting, and validate thoroughly before going live.
For complex EAs, consider professional services or a hybrid approach that leverages both platforms' strengths.
Ready to migrate your strategy? Use RoboQuant's AI to help convert your MQL5 code to Pine Script and execute on Tradovate.